Azure Power raises funds for development of 200 MW rooftop solar projects in India

Azure Power India Private Limited has raised funds worth $135 million through debt financing to facilitate the development of about 200 MW of rooftop solar projects in the country. The funds have been raised through a consortium of development finance institutions led by the International Finance Corporation. The consortium includes the Netherlands Development Finance Company (FMO), Société de Promotion et de Participation pour la Coopération Economique (Proparco) the French development finance institution and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria. Prior to this, the FMO had invested approximately $30 million in the company.